Childcare is expensive; however, the tax system can provide a helping hand. In recent years, there has been a shift from tax relief for employer-supported
Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules,
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception
In a furnished let, wear and tear of domestic items is inevitable and there will come a time when the landlord will need to provide
For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let
For tax purposes, furnished holiday lettings are something of a special case and benefit from a number of advantages not available to standard residential lets.
Last year apart, the number of tax enquiries is on the increase; the reason is not because more taxpayers are seeking to defraud the tax
The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of
When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the
If so, they could benefit from temporary workplace relief. If an employee is seconded to the UK for no more than 24 months, a deduction
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that
Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under
Back in July 2020, the residential stamp duty land tax threshold in England and Northern Ireland was increased to £500,000 to help stimulate the property
Multiple dwellings relief’ (MDR) allows a rate to be charged at the percentage payable on the ‘average value’ price (referred to as the ‘Average Value
A limited liability partnership (LLP) is not a partnership but a body corporate with a difference – there are no shareholders or guarantors (as there would be
Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an individual who is a participator
Expenses and benefits returns P11D and P11D (b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties
Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realized which can be
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